Purdue Pharma Agrees to $8 Billion Settlement
Purdue Pharma, the company that made Oxycontin, has agreed to an $8 billion settlement that includes a $2 billion criminal forfeiture, a $3.54 billion criminal fine, and $2.8 billion in damages for its civil liability.
It will plead guilty to three criminal charges, and it will become a public benefit company under a trust that is required to consider American public health.
The Sacklers will not be permitted to be involved in the new company.
Purdue continued to market and sell opioids as late as 2019, and continued to be involved in lawsuits around the opioid epidemic in the United States and in Canada.
Purdue filed for Chapter 11 bankruptcy protection on September 15, 2019 in New York.